"The second reason is that this is a country unfamiliar to Soros."
"The chaotic state of South Korea's financial institutions and inadequate regulation mean that its currency, to some extent, does not follow market rules."
"Once you deviate from market rules, you are more likely to deviate from Soros's experience and judgment."
"We have a chance to win."
After this attack on the Hong Kong dollar, Chen Dong came to the conclusion that Soros's advantage was not only the international hedge fund behind him.
Soros has extensive experience in hedging currency markets and frequently speaks in the public media, giving him an extraordinary appeal to international speculators.
Experience and influence form the core basis of the Soros Group's decision-making.
Li Jiacheng nodded. "I understand."
"You're not trying to short the South Korean currency market; you're trying to turn South Korea into a fishhook, to whet Soros's appetite."
"That's exactly what I mean." Chen Dong smiled.
Li Jiacheng returned the smile with disdain, "No wonder you didn't let Du Xingzhi know about this plan."
“He is a person at the national level, so it is indeed not very kind of him to do this.”
"Good to know."
Chen Dong's willingness to reveal his entire plan demonstrates his trust in him.
Li Jiacheng was a straightforward person. After understanding the general direction of the plan, he directly told Chen Dong, "If there's anything we can do to help you, feel free to let me know."
"I have influence with the four major families."
"Thank you, Mr. Li." Chen Dong knew that Li Ka-shing's words meant that the four major families had expressed their stance.
......
October is almost over.
International speculators frantically ordered brokerage firms to liquidate all market capitalization stocks, that is, heavyweight stocks.
After closing out their positions, regardless of whether they win or lose, whether they profit or lose, international speculators will leave Hong Kong like autumn leaves swept away by the wind.
As market trading volume continues to increase, the Hang Seng Index in Hong Kong is also rising steadily.
The Hang Seng Index has finally shown signs of recovery again.
In contrast to the Hang Seng Index, the Korean KOSPI index is falling rapidly.
The South Korean won fell to 920.34 against the US dollar from 900 won, marking its lowest decline in recent years.
South Korean government agencies related to finance have successively introduced policies in an attempt to regulate the domestic financial market by adjusting fiscal and tax policies.
However, South Korea's foundation is already chaotic. The more adjustments are made, the more it resembles building a skyscraper on ruins. If the foundation is not solid, the top will also be unstable.
Following several days of decline in the overall index, many high-ranking South Korean officials have come out to speak.
The president made a personal commitment in the mass media to lead the South Korean Ministry of Finance and related regulatory agencies in safeguarding the country's currency security, and to develop a series of policies to boost the economy.
Initially, only the Ministry of Finance and the Financial Services Administration of South Korea made statements.
Later, some peripheral finance departments, investment promotion agencies, and other legislators who had nothing to do with finance also jumped on the bandwagon.
In an effort to win votes from citizens, they continuously gave speeches in developed neighborhoods like Gangnam, proposing their own economic revitalization strategies.
What were originally simple speeches aimed at improving the financial market and promoting the stability of the financial system have gradually turned into a political performance.
As more and more lawmakers participate in this performance, each one proposes rather radical financial market reform policies in an attempt to stand out.
With the added amplification by the media and the push of public opinion, this chaos escalated, eventually turning into a dispute between television stations.
People are no longer reporting on changes in the Ministry of Finance, the Financial Services Authority, and the South Korean financial market with the aim of narrowing the information gap, but rather to gain votes for the legislators behind them.
Due to the combined effects of various factors, South Korea's political, economic, and news media have become a chaotic mess.
South Korean Finance Minister Hong was at a loss in the face of this chaotic situation.
At this time, the president of the Korean bank deliberately released information saying that he would make adjustments to the business strategies of Seoul Bank, Jinju Bank and other related savings banks to ensure that the foreign exchange market would not be interfered with.
This is actually the first step in the self-devaluation of the South Korean currency.
Upon hearing this news, all the South Korean news media rushed to report it.
The South Korean Ministry of Finance and the Regulatory Bureau have been locked in a struggle for years, with the core conflict revolving around the restructuring of South Korean banks and financial institutions.
......
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